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CDRLF/CDFI Spending, CFPB Changes Proposed In House Bill

WASHINGTON (7/10/13)--Funding for the National Credit Union Administration's Community Development Revolving Loan Fund (CDRLF) program would total $500,000 in 2014 under the House Financial Services and General Government Appropriations bill, released Tuesday. Funding for the Community Development Financial Institutions Fund and the Consumer Financial Protection Bureau are also addressed in the bill.

The Obama administration has requested $1.127 million in CDRLF funding in its own 2014 budget. A total of $1.144 million in CDRLF funding was approved in the 2013 budget. The CDRLF provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, as defined by NCUA regulations.

Last August, the NCUA awarded $1.4 million in technical assistance grants to just over 100 small credit unions through the CDRLF.

Funding for the U.S. Treasury's Community Development Financial Institutions (CDFI) fund, which helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit, would total $221 million under the House bill. The fund received $210 million in government backing for fiscal 2013, and the administration this year requested $224.9 million in funds for 2014.

The bill would also make CFPB funding subject to the appropriations process, and would require the bureau to file reports on its funding and activities with House and Senate appropriations committees, the House Financial Services Committee and the Senate Banking Committee.

Under the bill, the director of the Office of Management and Budget would also be required to detail Dodd-Frank Act implementation costs, including the estimated mandatory and discretionary obligations of funds through fiscal year 2018.

The bill is scheduled to be marked up by the House Appropriations financial services and general government subcommittee today.